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Information provided on this newsletter has been independently obtained from
sources believed to be reliable. However, such information may include
inaccuracies, errors or omissions. http://www.primeinfo1.com and its affiliates,
information providers or content providers, shall have no liability to you or
third parties for the accuracy, completeness, timeliness or correct sequencing
of information available on this newsletter, or for any decision made or action
taken by you in reliance upon such information, or for the delay or interruption
of such information. http://www.primeinfo1.com, its affiliates, information
providers and content providers shall have no liability for investment decisions
or other actions taken or made by you based on the information provided on this
newsletter.

TOPIC 1: THE RIGHT AGE TO BUY HEALTH INSURANCE FOR YOURSELF

You’d argue that while you are young, fit and fine why would you spend your
money on a health insurance. Why do you have to take it now at the peak of your
health? You couldn’t be more wrong and here’s why.

1)Waiting period - Some pre-existing diseases are not covered under your health
insurance from day one. There is a waiting period of generally 4 years before
which you shall not get them covered. So starting early is a better option.

2)Higher premium - The later you get a health plan, the higher your premium will
be. Hence, there is a direct relation between your age and health insurance
premium. Now you know what to do.

3)Cover cess: Most insurers have a minimum age entry for health insurance
policies. If you cross that age you won’t be able to enjoy the benefits of
health insurance plans.

4)Medical checkup - If you get a health insurance at an early age, insurers
usually don’t enforce a medical checkup as compared to older people.

5)Comprehensive plan - If you get health insurance earlier in life you get to
avail a lot of benefits from your comprehensive plan at a lower premium.

6)Lower coverage cost -  Coverage costs increase with your age. When you are
younger the possibility of having had surgery or any medical condition like
diabetes or hypertension is lower. This helps in decreasing your coverage cost.
On the contrary, if you decide to get a health plan when you already have a
medical history, your premium increases.

Hopefully, you now know what the wiser thing to do now is. Get a health cover in
place as early as you can.

TOPIC 2: PLANNING TO BUY HEALTH INSURANCE POLICY AMID COVID-19? KEEP THESE
THINGS IN MIND

COVID-19- a small virus that entered our lives over a year ago now changed the
entire world order. It posted an unprecedented burden on medical infrastructure
across the globe and for developing countries like India that battle was
tougher. While the authorities tried to scale up state-sponsored health
facilities to take on the virus, many coronavirus patients were forced to deal
with heavy hospitals bills during their treatment.

These sudden unplanned medical expenses inflicted a financial burden on many
families that are still trying to get over it. Being prepared for unplanned
medical expenses was one of the many lessons that this deadly virus taught us.
It also showed us how important it was to have a health insurance policy that
can come to our rescue in unplanned times like these.

If you are someone who has been looking to buy a health policy for yourself or
your family, here are things you should keep in mind while finalizing your
decision.

Age is one of the significant factors that determine your policy covers and
cost, so if possible people should start buying health insurance from an early
age which would help them get a better deal.

Know your needs
The most important thing that should be considered while buying a health
insurance plan is your own requirement in terms of coverage limit and other
benefits.

Understand the coverage option
Each health policy has its own benefits and limitation, so it’s very important
to fully understand the plan in detail before making any final decision. Buyers
must understand the offerings as to what is covered and what is not. Also,
confirm whether the insurer provides coverage for COVID-19 or not.

Background check of the Insurance company
Do your research about the insurance company and study their past record in
claim settlement. The buyer should also know about the average time taken by the
company to settle claims whether it’s cashless or reimbursement.

Compare plans
Compare as many numbers of health insurance policy as possible before locking
the one that’s best suited for you. This will allow you to get the best deal and
save you money.

Network of Hospitals
Every insurance company gives a list of hospitals in their network where the
insurance cover is applicable on a cashless basis. Buyers should go through this
and check which nearby hospital would provide this facility before making any
final call.



TOPIC 3: CHANGES YOU NEED TO MAKE TO YOUR INSURANCE PLANS AFTER MARRIAGE

One of the factors that you definitely need to focus on after your marriage is
getting or modifying your health insurance to include spouse and secure your
path ahead. After all, getting the right health insurance policy for your new
family is a crucial part of your overall risk management.

Some of the factors you need to consider while modifying your health insurance
post marriage include:

Compare Plans By Different Health Providers
There are a number of insurance providers available in India today. Each of them
offer plans with different benefits. You should first make sure to explore all
your possible health insurance policy options, concentrating on those that offer
cover for your spouse and future children. The easiest way to go about this is
to go on insurance broking portals like Coverfox, that help you compare health
insurance plans from over 40 insurance providers.

Re-evaluate Your Existing Health Insurance Policy
Your next step in this process should be to reevaluate your current health
insurance policy. In case you are dependent on a health insurance plan provided
by your employer, it may be time to shift to an individual health insurance plan
or a family health insurance policy. It is important for you to evaluate the
scope and extent of your existing policy and take the relevant steps to enhance
it. You should also look into your spouse’s existing health insurance policy and
make the required changes.

Check Your And Your Partner’s Health Requirements
After marriage you share everything with your spouse. That is why your health
insurance policy’s benefits should also reflect the health requirements of both
you and your spouse. You should evaluate both your requirements and adjust your
health plan accordingly.

Get a Family Health Insurance Plan
If expanding your family is the plan, you should look into a family floater
policy. With this you can add your spouse and other financially dependent
members of your family such as elderly parents and future children. This type of
health insurance policy covers the health requirements of your loved ones as
part of a single plan. However, you can still consider of purchasing Individual
Health Insurance Plan. You can also avail tax benefits under Section 80 D of the
Income Tax Act. These are the most important factors you need to consider while
buying health insurance after getting married. By doing so, you can show your
commitment to take care of the health and well-being of your spouse and the
future you will build



TOPIC 4: HOW TO CHOOSE A SUITABLE LIFE INSURANCE PLAN FOR YOUR FAMILY?

Life Insurance plans come with their own set of benefits that can differ from
each insurance provider, but all of them offer a protective cover for your
family.  So, what is life insurance and how do you pick one that is most
suitable for you? Let’s find out.

Types of Life Insurance Plans for Your Family
Life insurance plans provide a multitude of coverage. Some offer basic insurance
coverage, while the more targeted ones can give you additional advantages like
pensions, survival benefits, etc. Let’s take a look at the best types of life
insurance plans for your family:

Pension Policies
As the name suggests, a pension policy is primarily for securing your financial
future after you retire. This ensures that even when you retire, you can support
your family financially, and can stay afloat on your own.   

Pension policies provide a monthly income based on the premiums paid, and ensure
a quality life after your hay days of working. Your family can even avail the
pension benefits after you pass away based on who you name as the policy’s
beneficiary.

Joint Life Insurance Policy
This is one of the most preferred life insurance plans if you’re looking to
invest in one for the sole purpose of your family. Under this type of policy, a
couple can take a policy together. They do it under a single contract and ensure
that you and your partner can stay financially secure in the event of one
passing away.  

Money Back Policy
These policies are the best ones if you want regular returns out of the scheme,
and still, be sure that your family will get the full sum assured amount once
you pass away. This scheme offers regular payments to the policyholder at
defined intervals, which gives it its name “Money Back”. However, in the event
of the policyholder’s death, while the policy is still in effect, the family
gets the entire assured amount even when you might have received returns
previously.

Pick The Best Suited Insurance Plan Now
Now that you’re aware of what is life insurance and the various types of life
insurance plans for your family, you can pick the best-suited one out that
serves your needs. Be careful and assess each insurance provider’s scheme before
picking one, so that you can get the policy with the best coverage and returns.
Please mark all your queries / responses to
Information provided on this newsletter has been independently obtained from
sources believed to be reliable. However, such information may include
inaccuracies, errors or omissions. http://www.primeinfo1.com and its affiliates,
information providers or content providers, shall have no liability to you or
third parties for the accuracy, completeness, timeliness or correct sequencing
of information available on this newsletter, or for any decision made or action
taken by you in reliance upon such information, or for the delay or interruption
of such information. http://www.primeinfo1.com, its affiliates, information
providers and content providers shall have no liability for investment decisions
or other actions taken or made by you based on the information provided on this
newsletter.